Program Offers Cash Incentives to Live Downtown
CBS Detroit, July 25, 2011
Employees of five downtown-based companies are being given financial incentives to live where they work.
DTE Energy’s Paul Hillegonds says the trend is already there, with a number of young professionals and creative types hanging their hat in downtown Detroit lofts and apartments.
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“We have a number of probably empty-nesters, but also a number of retirements ahead with younger people who will be coming to work in Detroit at DTE headquarters,” Hillegonds told WWJ Newsradio 950′s Ron Dewey.
“And I think we’re going to see growing interest in living in Detroit,” he said.
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Blue Cross is offering incentives to their 16,000 employees to buy or rent downtown and surrounding neighborhoods. It’s a seed program to attract more development and more people to the city.
In the five-year, $4 million “Live Downtown” program, first-time home buyers will get a $20,000 forgivable loan. Renters will get a $2,500 first year allowance, and $1,000 the following year. Employees who already own a home in the city will be given up to a $5,000 grant for exterior improvements.
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Other companies taking part are Compuware, Quicken Loans and Strategic Staffing Solutions.
